Jed McCaleb- Co-founder of Stellar Development Foundation

In 2014, Jed McCaleb co-founded Stellar. From the experiences he had learned running different companies in the past, he was ready to deal with his own. Stellar Development Foundation is a company which is performing research in areas that will boost development of the blockchain industry. This is one of the upcoming industry which have a high probability of changing the whole financial sector. With the emergence of cryptocurrencies, the financial industry has been tipped to change as these currencies will soon make way into the mainstream business where they will be used for remittances and payments.

Jed McCaleb is positioning Stellar as the biggest company in the blockchain industry by being the first to come up with a new system that will allow remittances and payments using cryptocurrencies. Through experience he has gathered since 2010 when he joined the industry, he is one of the brilliant minds who will lead the industry through a streak of innovations. His main concern is about solving the issue that the industry face currently.

Jed McCaleb made a big step when he entered the industry by creating the first centralized exchange for cryptocurrencies known as Mt. Gox. This exchange played a significant role in the growth of the cryptocurrencies at the beginning of the current decade. Mt.Gox was being used to transact 80% of all transactions in the industry. Jed McCaleb later sold it to another owner. In 2014, it was hacked while under the new management and this marked one of the worst times for the industry. It exposed the risk which those transacting cryptocurrencies faced. Bitcoin which was the main cryptocurrency lost its value drastically.

Jed McCaleb has been concentrating on solving the challenges that face the industry. Currently, the biggest challenge facing the industry is the integration of payment system. We need to see bitcoin and other digital currencies being used for online purchases. This is what McCaleb and the team at Stellar are working on. Very soon we might have a payment system that will allow cross-border payments. Cryptocurrencies need to be just like any other currency when it comes to usage. Please follow Jed McCaleb on LinkedIn to know more about him.